Eco-friendly office block on trendy canalside in Coventry in auction for £330,000
A three-story office building in a trendy canalside location in Coventry is one of the star lots in Bond Wolfe’s next auction, with a guide price of £330,000+.
The property known as Cable Yard, on Electric Wharf off Sandy Lane, is currently bringing in rental incomes of £32,000 per annum, which would represent a 9.69% yield based on the guide price.
With established tenants including care providers and an eco-friendly gifts company, the offices will appear in Bond Wolfe’s livestreamed auction on Thursday 14 December.
New international vegan restaurant for Royal Leamington Spa, thanks to Bond Wolfe sale
Ian Tudor, commercial auction director at Bond Wolfe, explained that the freehold offices were located within an award-winning regeneration project close to Coventry city centre.
Mr Tudor said: “This property is a standalone, three-storey office building with a total internal space of 3,411 sq ft towards the rear of the popular Electric Wharf development.
“We understand the building was constructed in 2006 as a high ecological value building, with full security and fire alarms.
“The six units within it are all fully double glazed, with electric heating systems, category 5 cabling throughout, a kitchen unit within each suite and shared toilets on each floor.
“Each unit also benefits from two parking spaces and there is a generous additional visitor parking within the development.”
Tenants at Cable Yard include elderly care business Esteemed Life Care Ltd, paying £8,000 a year rent on a two-year lease until September 2024, and health and social services care specialist Daram Care Ltd, paying £8,000 a year rent on a three-year lease until August 2025.
Other tenants are eco-gift company Protect the Planet Ltd, paying £8,000 a year rent on a two-year lease until March 2024, and ODE Creative Ltd, also paying £8,000 rent a year on a two-year lease until May 2024.
The fifth and sixth units in the offices have been sold on a 150-year long leasehold basis.
Mr Tudor added: “Electric Wharf is a thriving creative Canalside scheme which is located immediately to the north of Coventry city centre.
“Cable Yard is located at the heart of the scheme which itself is at the centre of continuing rejuvenation and regeneration in this established mixed-use development.
Visit Hampshire Biz News for bright, upbeat and positive business news from the county
“The property is easily accessible from junction 9 of the Coventry ring road and is within easy walking distance of the city centre via a feature footbridge over the canal.”
Cable Yard is just one of 156 lots that are appearing in Bond Wolfe’s next auction, which will start at 9am on Thursday 14 December.
